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Politics : Mainstream Politics and Economics

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To: Wharf Rat who wrote (33544)	11/7/2012 11:54:06 AM
From: Thehammer	Read Replies (1) of 85487

BTW, the debt doesn't bother me. I'm not much of a creditor, so it is well down my list of problems which need to be addressed. China might have trouble collecting, but that's their problem, not mine. Biggest Holders of US Government Debt finance.yahoo.com Actually it is YOUR problem. If we repudiate our debt - we can't borrow. Interest rates go up. The biggest holder of our debt is the US government. That means we print more $$$, pensions, profit sharing, mutual funds all hold US debt. Look at Greece that is what happens when you can't pay you bills. Reagan had a deal with the congress, when HE increased taxes and that was $2 - $3 of spending cuts for every $1 of revenue increase , the dems reneged on their part of the bargain. Revenues went way up under Reagan.

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